Tax Breaks
Five powerful Tax Breaks every month. See how much they could save you

March 2010

  • Dodging IHT shareholders' agreement trap
    To keep a company intact, a director/shareholder often enters into an agreement so that in the event of their death before retirement their shares must be sold to the surviving shareholders. This can mean that the shares won't qualify for IHT business asset relief. But the good news is there's a way to dodge this trap.
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  • A tax-free thank you
    Someone has done a good job for your company and you'd like to say "thanks" by putting a little cash in their pocket without the Taxman swiping a large chunk of it. How can you do it?
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  • Interesting tax relief
    The bank has offered to lend your company money but given the current economic climate it has set the interest rate at a fairly high level. You reckon that you can raise cheaper finance from personal contacts. But how can you make sure that you get a tax deduction for any interest paid on this loan?
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  • Personal travel expenses are just incidental
    While you're away on business you use the phone in your hotel room to call home. And you charge the cost of your daily newspaper to your room. Your company pays the bill including the personal items. Will the Taxman expect you to include these perks as income on your self-assessment tax return?
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  • No VAT receipt, no problem
    Your company credit card statement shows a number of transactions but you don't have the VAT receipts or invoices to back them up. If you don't include a claim on your VAT return, you'll be losing money to the Taxman. So what should you do?
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Tax Breaks Directory

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